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  • SpiceJet denies allegations made by KAL Airways and Kalanithi Maran, labelling the damages claim as unfounded. Multibagger airline stock at Rs 58.60

SpiceJet denies allegations made by KAL Airways and Kalanithi Maran, labelling the damages claim as unfounded. Multibagger airline stock at Rs 58.60

SpiceJet Ltd. vehemently disputes KAL Airways’ and Kalanithi Maran’s allegations that they are owed Rs. 1,323 crore in damages. These arguments are not only legally baseless but also a rehashing of earlier denials by the Delhi High Court and Arbitral Tribunal.

It is crucial to make the following information clear:

Damages claim repeatedly rejected: During the arbitration proceedings, KAL Airways and Kalanithi Maran first requested damages totaling more than Rs. 1,300 crore. After a comprehensive investigation, a panel consisting of three former Supreme Court judges dismissed this claim.

After that, KAL Airways and Kalanithi Maran filed an appeal with the Delhi High Court’s Single-Judge Bench, requesting the same amount in damages, but the court once more dismissed their request. Interestingly, they decided not to file an appeal with the appellate jurisdiction, and as a result, the case became final. This is a pointless subject that seems to be an attempt to sensationalise the situation and mislead the people.

On May 17, 2024, the Delhi High Court’s Division Bench made a decision that favored SpiceJet and Ajay Singh. After winning its case before the Delhi High Court Division Bench, SpiceJet will now seek a Rs 450 crore reimbursement.

Also Read: Promoter Group purchased 7,20,000 shares of this multibagger metals & mining stock on the open market for Rs 226,07,00,606; do you own it?

Concerning SpiceJet Ltd.

The most popular airline in India, SpiceJet, has reduced the cost of travel for a greater number of Indians than ever before. One of the biggest regional airlines in the nation, SpiceJet is an IATA-IOSA certified carrier with a fleet of Boeing 737 and Q-400 aircraft. SpiceJet offers many daily flights under the Regional Connectivity Scheme, or UDAN. The airline offers SpiceMax, the most spacious economy class seating available in India, on most of its fleet.

SpiceJet Ltd. saw a 0.60 percent increase in share price today, closing at Rs. 58.27, to an intraday high of Rs. 58.60. The 52-week high and low for the stock are Rs 77.50 and Rs 25.50, respectively. From its 52-week low of Rs 25.50 per share, the stock produced multibagger returns of over 100%, while the BSE Small-Cap Index increased by 58% within the same time period.

The market value of the company is Rs 4,850 crore. As per the shareholding pattern as of March 2024, the proportion of FIIs and DIIs climbed to 1.73 percent and 5.30 percent, respectively, from 0.33 percent and 0.04 percent in December 2023. Investors ought to monitor this small-cap stock closely.

Disclaimer: This is not investment advice; it is merely informational.

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